Little direction has been seen in the dollar majors in early Monday trading. USD-JPY has remained mired below 109.00 but holding comfortably above the low from last Thursday at 108.22. EUR-JPY carved out a one-week low at 122.06 during the early phase of trade in Asia-Pacific before rebounding to the 123.0 area. Higher oil prices (Brent crude up over 1.5%) and stock markets weakened the yen, albeit modestly, as the Tokyo session progressed.
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